Slide 1: Q3 2023 Presentation
Q3 2023 PRESENTATION November 16, 2023 1
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation and related discussions includes forward looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by wo
Slide 3: Q3 2023 highlights and subsequent events
Q3 2023 highlights and subsequent events Fleet Contracted utilization Continued backlog additions at constructive rates 24 100% Modern rigs delivered rigs 1 North Technical Uptime Revenues Sea Modern rig utilisation continues upwards trend 99.1% $191.5m 7 6 Asia 5 2 3 Middle Mexico East Completion o
Slide 4: Key Financials Q3 2023
Key Financials Q3 2023 Income Statement Commentary USDm Q3 2023 Q2 2023 Total operating revenues increased by $4.0 million as a result of an increase of $5.3 Operating revenues 191.5 187.5 million in dayrate revenues, offset by a decrease in Related party revenue from Mexico Gain on disposal 0.1 0.2
Slide 5: Completed refinancing creates long-term foundation
Completed refinancing creates long-term foundation Pre-refinancing maturity profile ($m) Post-refinancing maturity profile ($m) HY Secured Bond Bank facility PPL CB New Bond 5yr RCF Keppel Newbuilds Keppel loans Hayfin Keppel newbuilds New Bond 7yr Convertible Bond 91 79 113 250 106 25 546 725 150 3
Slide 6: Positive Market Backdrop
Positive Market Backdrop Modern jackup utilization remains strong … … Driving positive dayrate momentum Marketed Util. (%) Modern Jackup Dayrates ($k/d) 100% 250 94% 95% 200 90% 85% 150 80% 100 75% 70% 50 65% 60% 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2001 2003 2005 2007 2009 2011 2013
Slide 7: Continuing to secure accretive contracts
Continuing to secure accretive contracts YTD New Commitments Recent Awards Prospector 5 and Natt – 46-months extension combined (LOA). Revenue backlog1 Thor – 2-well contract with Petronas Carigali in Indonesia. $0.7 bn Idun – 2-year contract with PTTEP in Thailand. Gunnlod – 120-days campaign (LOA)
Slide 8: Solid backlog, with room to capture market upside
Solid backlog, with room to capture market upside Backlog increase at improving dayrates Strong 2024 visibility and Op Leverage in 2025+ Firm Backlog ($bn) Available Fleet Coverage (%) 2.0 100% 1.9 84% Coverage 1.8 1.7 90% @ 132k/d 1.6 80% 60% Coverage @ 135k/d 1.4 70% $137k Avg. 1.2 $121k 60% Avg.
Slide 9: In Conclusion
In Conclusion Strong backlog coverage 1 Fixtures YTD adding $728m of backlog at average dayrate of $161k/d Delivered fleet at 100% contracted utilization 2 With 2 new builds to be added to the fleet in late 2024 Supply constrained market for the long term 3 Undersupply of modern rigs expected to con
Slide 10: Built to Make a Difference
BUILT TO MAKEA DIFFERENCE Borr ” Drilling